Shortly after taking office, Donald Trump put diversity, equity, and inclusion (DEI) on the chopping block. Within hours of him taking office, most government agencies, and even the White House official website, scrubbed any mention of DEI.
Several private corporations immediately capitulated and rolled back their DEI initiatives. Most notable were companies like Target and Walmart, with Target also pulling Black-owned brands from its shelves and defending the move by claiming that the company always planned to end DEI strategies in the beginning of 2025.
Many people are left wondering what this means for DEI and how Black-owned businesses will navigate this new, less welcoming landscape. While mainstream organizations are running from diversity, these grants and innovation funds are supporting it.
1 Million Black Businesses
Small businesses are the backbone of the U.S. economy and the Black community. 1 Million Black Businesses (1MBB) is an initiative that launched in 2020. The fund is managed by the nonprofit, Operation HOPE which partners with platforms like Shopify to help e-commerce businesses scale. The organization has a 10-year goal to help one million Black-owned businesses by 2030 thanks to a $130 million fund.
HerRise MicroGrant
Black-owned businesses often suffer from funding, and most are entirely self-funded for years before getting outside help. HerRise MicroGrant is a fund managed by HerSuiteSpot designed for women of color. It offers $1,000 grants to woman-owned businesses earning less than $1 million in annual revenue. Applications are accepted on a rolling monthly basis.
National Black Business Pitch
This annual competition allows Black-owned businesses to compete for three $10,000 prizes. The National Black Business Pitch (NBBP) helps winning companies connect with corporations to build supply chains and product offerings. To participate, submissions must include a three-minute explainer video that is reviewed by judges.
Sephora Beauty Grant
Black beauty brands like The Lip Bar and Juvia’s Place are proving it’s possible to dominate while centering on Black women. The annual Sephora Beauty Grant is a $100,000 grant and collaborative initiative between the beauty giant Sephora and Fifteen Percent Pledge. Qualifying businesses must be in operation for at least a year and earn at least $100,000 in annual revenue.
Black Girl Ventures Pitch Program
Black Girl Ventures is a pitch event designed specifically for women-founded businesses launched by underrepresented communities. The annual program requires applicants to create a three-minute pitch video which is then critiqued and refined by a coach before presenting in front of a live audience who votes to select the winner. Eligible businesses must be founded by a Black woman with a company valued at less than $1 million. The prize includes cash and networking opportunities.
Lenovo Evolve Grant
Lenovo isn’t backing down from its DEI focus with its Evolve Grant that rewards minority, disabled, and woman-owned businesses with a $25,000 grant, mentorship access, and technical support to boost and grow their companies. In 2025, this opportunity also includes incorporating AI into business operations. To date, Lenovo’s Evolve Grant has distributed $3.6 million in the past four years. This opportunity hasn’t opened yet for 2025 but interested participants can sign up for details.
The National Black MBA Association
Launched to support underrepresented professional communities, the National Black MBA Association (NBMBAA) is designed to provide funding opportunities to Black-owned businesses. This initiative offers multiple funding and mentorship programs designed to help everyone from MBA candidates to business owners build community and excel. The NBMBAA Scale-Up Pitch Challenge is an annual event that offers a $50,000 grand prize (along with other prizes) to help startups create scalable ideas.
Pushing Forward for a More Equitable Future
While the above list is in no way meant to be exhaustive, it represents how there are a variety of opportunities designed for Black and minority-owned businesses, even if the mainstream is turning away because it’s politically expedient. There are plenty of resources online that outline available grants and funding opportunities from micro solutions offering $1,000 to larger opportunities worth $100,000 or more.
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